- Adjusted Gross Income (AGI)
- Your total gross income minus specific deductions (such as student loan interest and IRA contributions). AGI is used to determine eligibility for many credits and deductions.
- Enrolled Agent (EA)
- A tax professional licensed by the IRS to represent taxpayers in audits, collections, and appeals.
- Estimated Tax
- Quarterly payments made during the year on income not subject to withholding (self-employment, investments, etc.).
- Extension (Form 4868)
- A request for additional time to file your return. An extension to file is not an extension to pay — tax owed is still due by the original deadline.
- Filing Status
- Your category for tax purposes: Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Surviving Spouse.
- Itemized Deductions
- Specific deductible expenses (mortgage interest, state taxes, charitable gifts, etc.) listed on Schedule A instead of taking the standard deduction.
- Offer in Compromise (OIC)
- An IRS program allowing eligible taxpayers to settle tax debt for less than the full amount owed.
- Self-Employment Tax
- Social Security and Medicare taxes paid by self-employed individuals, calculated on Schedule SE.
- Standard Deduction
- A fixed dollar amount that reduces taxable income. Available to most filers who do not itemize.
- Tax Bracket
- A range of income taxed at a specific rate. The U.S. uses a progressive system — not all income is taxed at your top rate.
- W-2
- Form reporting wages and taxes withheld by an employer, furnished to employees by January 31.
- 1099-NEC
- Form reporting nonemployee compensation of $600 or more paid to independent contractors.
- Withholding
- Income tax deducted from paychecks and sent to the IRS on your behalf by your employer.
Based in Alexandria, Virginia · Serving the DMV and clients nationwide